A Jewelry Appraiser's Advice - Questions to Ask Your Insurance Company[1]
| 1. | Is a jewelry appraisal necessary for full coverage? | |
| 2. | Will my claim, and replacement value, be more readily accepted if the jewelry appraisal has been performed by a trained jewelry appraiser? | |
| 3. | What is the difference between scheduled and unscheduled coverage? | |
| 4. | Is there a deductible, if so, how much is it? Do I have the option to increase the deductible and thus lower the premium? | |
| 5. | Is my policy all-risk (par loss, damage, mysterious disappearance, etc.)? | |
| 6. | Am I still covered if there is negligence or carelessness involved? | |
| 7. | Is the item covered if lost, stolen or damaged while in the possession of someone else? What if only a part is lost, stolen or damaged while in the possession of someone else? | |
| 8. | If there is a loss, do I have a choice of a full cash-out or will I have to accept less? | |
| 9. | Can I go to whomever I wish for the replacement? | |
| 10. | If a loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by an independent firm or jewelry appraiser? | |
| 11. | Are there any geographical limitations to my coverage? | |
| 12. | How much will it cost per thousand for full coverage? And what is the cost for a partial coverage? What do I sacrifice for the limitations? | |
| 13. | Is depreciation ever imposed? How is it computed? | |
| 14. | How often should I have a jewelry appraisal updated? | |
| 15. | Am I limited to the appraised replacement cost should there be sizable increase in the value? | |
| 16. | If there is damage to a piece, can I replace it or will I be limited to repair? | |
| 17. | What if the lost item is irreplaceable, like an antique? | |
| 18. | Are there any security precautions required? If not, would there be a premium savings if special precautions were taken, e.g., the items were kept in a home safe or in a safety deposit box when not being worn? | |
| 19. | What proof is needed to justify a claim? | |
| 20. | Are there different kinds of jewelry insurance available? | |
| 21. | Are there any exclusions? | |
| 22. | What is the pair and set clause? Will the insurance cover an additional amount for matching a missing item in a set if it hasn't been computed and stated? | |
| 23. | What types of property are not covered? | |
| 24. | Will you show me the actual language in the policy which addresses each concern I've expressed? |
Footnote:
[1] Based to a great entent on - Jewelry Appraisal Guidelines by Cos Altobelli, American Gem Society, 1981, page 28.
